Bitcoin Treasury Analyst on MSTR, ASST and Metaplanet's Preferred Plan

Preferred securities proved unworkable in Japan for Metaplanet, so it handled the problem by buying a U.S. company and using it to issue them stateside. Allard Peng explains what that makes possible: entry into the same capital pool that Strategy and Strive are competing for, the pool where STRC became one of the largest IPOs of 2025 even though it was a preferred stock. He also covers what still needs to be cleared up about how Metaplanet supports its American subsidiary and why the arrangement could prove accretive to common shareholders.

Chapter markers:

• 0:00 ETFs pulled in $1 billion across three sessions as bitcoin held below $85K
• 1:28 What drove June's crash in bitcoin treasury preferreds: leveraged looping unwinds
• 3:51 The traders left holding preferreds below par and what could bring them back
• 5:28 Strive's fixed 15% junior preferred versus the variable-rate SATA
• 7:37 How a preferred trading above par adds to net bitcoin per share
• 10:49 What must happen before a company buys its first bitcoin
• 12:22 When issuing a preferred below par can still make sense
• 14:52 Metaplanet's U.S. listing and the capital pool Strategy and Strive are competing for
• 18:08 Elon Musk, Tesla and SpaceX's bitcoin, and the case for money staying relevant
• 21:12 Is bitcoin worth holding for small businesses?

Disclaimer: Views expressed by participants on this program may differ from the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliate. The content is provided solely for informational and educational purposes and should not be treated as investment, legal, tax, or accounting advice. Nothing heard here is a solicitation, recommendation, endorsement, or offer to buy or sell any security or financial instrument. Anyone watching is advised to consult their own advisors before making any financial or business decision.